South Korea’s National Pension Service (NPS) diversifies by investing $20 million in Coinbase shares during Q3 2023, securing a 40% unrealized profit. This move marks NPS’s entry into the crypto realm within its U.S. stock portfolio.
South Korea’s National Pension Service (NPS), a global pension heavyweight, ventured into the crypto market by allocating $20 million to acquire 282,673 shares of Coinbase (COIN) during Q3 2023. With an average unit price of $70.5, the investment yielded an impressive 40% profit as Coinbase shares surged to $98.15 on Nov. 15.
This strategic move signifies NPS’s first foray into crypto within its U.S. stock holdings.
While COIN’s current value is below its 2021 peak, the stock has demonstrated a steady ascent throughout 2023, surpassing $110 per share in July.
Despite facing an SEC lawsuit alleging securities law violations, Coinbase reported robust performance in Q3 2023, achieving over $674 million in total revenue and narrowing its net loss to $2 million.
The company’s growth amidst legal challenges underscores its resilience and adaptability in the ever-evolving crypto landscape.